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| Version 2 | Version 3 |
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| NatWest banking crash: what you need to know | NatWest banking crash: what you need to know |
| (about 9 hours later) | |
| Royal Bank of Scotland has experienced another computer glitch which prevented payments to and from accounts at NatWest, RBS and Ulster Bank. The glitch has potentially affected millions of people – both the bank's own customers and those who were expecting payments from accounts held by these banks. | Royal Bank of Scotland has experienced another computer glitch which prevented payments to and from accounts at NatWest, RBS and Ulster Bank. The glitch has potentially affected millions of people – both the bank's own customers and those who were expecting payments from accounts held by these banks. |
| What type of accounts have been affected? | What type of accounts have been affected? |
| RBS has not released any information, but when the group experienced a catastrophic IT meltdown in June 2012 it affected all accounts at the banks: savings and offset mortgages, as well as current accounts. | RBS has not released any information, but when the group experienced a catastrophic IT meltdown in June 2012 it affected all accounts at the banks: savings and offset mortgages, as well as current accounts. |
| When did the problems start? | When did the problems start? |
| Between roughly 9pm and 11pm on 6 March customers were not able to access online banking, and also had problems using ATMs and "point of service" payments. NatWest first tweeted about the issue at about 10pm, writing: "We are aware of the problems our customers are having and apologise, we will provide more information as soon as we have it." | Between roughly 9pm and 11pm on 6 March customers were not able to access online banking, and also had problems using ATMs and "point of service" payments. NatWest first tweeted about the issue at about 10pm, writing: "We are aware of the problems our customers are having and apologise, we will provide more information as soon as we have it." |
| What caused it? | What caused it? |
| The problem was caused by a hardware fault and RBS says it is not related to the issues it experienced last summer. "It was much easier to fix, though clearly an unacceptable failure," a spokesperson said. | The problem was caused by a hardware fault and RBS says it is not related to the issues it experienced last summer. "It was much easier to fix, though clearly an unacceptable failure," a spokesperson said. |
| What should customers do if they couldn't get hold of their money? | What should customers do if they couldn't get hold of their money? |
| RBS says all services were back up and running by 1am on 7 March. All affected accounts should now be updated. ATMs are working as usual, but NatWest said any customers having continued difficulties can call them on 0845 788 8444. | RBS says all services were back up and running by 1am on 7 March. All affected accounts should now be updated. ATMs are working as usual, but NatWest said any customers having continued difficulties can call them on 0845 788 8444. |
| Did direct debits go out as normal? | Did direct debits go out as normal? |
| It is unclear whether these payments were affected by the technical problems, but reports on Twitter suggest that at least some direct debits were not sent. NatWest appears to be telling people to "speak to the charges team". | It is unclear whether these payments were affected by the technical problems, but reports on Twitter suggest that at least some direct debits were not sent. NatWest appears to be telling people to "speak to the charges team". |
| Will customers be compensated? | Will customers be compensated? |
| RBS has said: "Any customer who was left out of pocket due to this outage should get in touch so we can put things right for them." | RBS has said: "Any customer who was left out of pocket due to this outage should get in touch so we can put things right for them." |
| When RBS's systems failed last year, the Financial Services Authority (FSA) confirmed the bank would be responsible for any charges for which customers are liable, or interest they need to pay as a result of the bank's error. But the FSA said there is nothing in its rules that says NatWest would have to pay consequential losses, for example if someone was unable to purchase flights at the price they wanted. Nor is there anything about paying compensation. | When RBS's systems failed last year, the Financial Services Authority (FSA) confirmed the bank would be responsible for any charges for which customers are liable, or interest they need to pay as a result of the bank's error. But the FSA said there is nothing in its rules that says NatWest would have to pay consequential losses, for example if someone was unable to purchase flights at the price they wanted. Nor is there anything about paying compensation. |
| The Financial Ombudsman Service suggested customers who face consequential losses such as this should keep a record and complain to the bank. If the bank rejects the complaint they can take their case to the ombudsman. | The Financial Ombudsman Service suggested customers who face consequential losses such as this should keep a record and complain to the bank. If the bank rejects the complaint they can take their case to the ombudsman. |
| Will problems caused by the bank affect my credit rating? | Will problems caused by the bank affect my credit rating? |
| If customers have missed payments because of the IT error they may find they have exceeded their agreed overdraft limit or incurred late payment fees from lenders. They should contact the bank to check that any overdraft activity (unauthorised borrowing or bounced cheques, for example) caused by the glitch will not be recorded on their credit files. | If customers have missed payments because of the IT error they may find they have exceeded their agreed overdraft limit or incurred late payment fees from lenders. They should contact the bank to check that any overdraft activity (unauthorised borrowing or bounced cheques, for example) caused by the glitch will not be recorded on their credit files. |
| Is now the time to change banks? | Is now the time to change banks? |
| Pricing and customer service are both key factors when it comes to deciding whether to switch bank accounts – customers who have been locked out of their accounts for the second time in a year may well consider it apposite to do so. | Pricing and customer service are both key factors when it comes to deciding whether to switch bank accounts – customers who have been locked out of their accounts for the second time in a year may well consider it apposite to do so. |
| "You may forgive the odd customer service blip, but if errors, computer down time and staff incompetence become a more frequent issue then you are more likely to consider moving to a new provider even if the rates you are currently receiving are above average," says Andrew Hagger of MoneyComms. | "You may forgive the odd customer service blip, but if errors, computer down time and staff incompetence become a more frequent issue then you are more likely to consider moving to a new provider even if the rates you are currently receiving are above average," says Andrew Hagger of MoneyComms. |
| He says the NatWest current account doesn't have any "best buy" features to shout about – no interest is paid on credit balances, unlike at Nationwide, Santander and Lloyds TSB. As far as overdrafts are concerned, the first £100 of an authorised overdraft is free on a NatWest Select account, although with First Direct the first £250 is interest free. When it comes to packaged accounts the NatWest select saver at £10 a month looks poor value when compared with competitors such as the Co-op Privilege account, which offers a far more comprehensive range of benefits for just £3 a month more. | He says the NatWest current account doesn't have any "best buy" features to shout about – no interest is paid on credit balances, unlike at Nationwide, Santander and Lloyds TSB. As far as overdrafts are concerned, the first £100 of an authorised overdraft is free on a NatWest Select account, although with First Direct the first £250 is interest free. When it comes to packaged accounts the NatWest select saver at £10 a month looks poor value when compared with competitors such as the Co-op Privilege account, which offers a far more comprehensive range of benefits for just £3 a month more. |
| Our feature on finding a new current account offers tips for people who are always in credit, those who are often overdrawn by a small or large amount, and those who intend to pay in less than £1,000 a month. | Our feature on finding a new current account offers tips for people who are always in credit, those who are often overdrawn by a small or large amount, and those who intend to pay in less than £1,000 a month. |
| Top savings accounts | Top savings accounts |
| Coventry BS | |
| Skipton BS | |
| Manchester BS | |
| Powered by MoneySupermarket for the Guardian | Powered by MoneySupermarket for the Guardian |